"Saudi turmoil would lead to economic catastrophe"

Dr. Gal Luft: The global economy cannot cope with a price of $200 per barrel of oil.

"The world is facing economic catastrophe if the uprisings in Libya and Egypt spread to Saudi Arabia," warned international energy expert Dr. Gal Luft, of the Institute for the Analysis of Global Security in Washington DC.

Speaking at the 4th International Eilat-Eilot Renewable Energy Conference and Exhibition today, Luft added that the global economy cannot cope with a price of $200 per barrel of oil. "You saw what happened today with Libya. Just imagine what would happen tomorrow if the uprisings spread to Saudi Arabia, and it stops supplying oil."

Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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